Opportunities in the Colombian Pharmaceutical Market

The market for medicines in Colombia up to 2017 totalled $3.419 billion, of which 83% corresponded to sales of prescribed medicines, and the remaining 17% to OTC medicines.

Wednesday, August 15, 2018

A report by the Foreign Trade Promotion Office of Costa Rica details the characteristics of the pharmaceutical products market in Colombia, and highlights the opportunities available for companies in Central America that sell raw materials and supplies for manufacturing medicines.

See also: "Pharmaceutical products in Central America, figures up to March 2018"

From the summary of the report "Pharmaceutical sector in Colombia":

The market for medicines in Colombia up to 2017 was worth $3.419 billion, of which 83% corresponds to sales for prescribed drugs, the remaining 17% ($572M) corresponds to OTC medicines, which in volume have a very dynamic participation due to their use both in the institutional channel to supply the insured population and the commercial channel.

To participate in this market, it must be taken into consideration that Colombia is self-sufficient (400 laboratories and maquilas), that is to say it is a strong producer of medicines, for which, however, imports of raw materials are required, such as active ingredients and excipients (opportunity) and which are mostly brought in by large distributors / importers. In addition, consideration must be given to the fact that spending on medicines has diminished, especially of prescribed medicines, given the greater use and quality of service provided by the public health system.  

Read full report (in Spanish).

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